Volksbank Merger and Financial Challenges Amid Global Crises

In mid-July, the Volksbank Bremerhaven-Cuxland takes over the Zevener Volksbank. Uwe Kordes still has his problems with the new name: Volksbank im Elbe-Weser-Dreieck, “I still have to practice that,” says the board. But the merger talks and negotiations appear to have been a piece of cake compared to the challenges of the global crises. The war, the energy crisis, inflation and rising interest rates have brought anything but the normality hoped for after the corona pandemic, Kordes reports to the representative assembly. Not in 40 years of professional life has he seen such a rise in interest rates in such a short time. On the one hand, this brought the Volksbank higher interest income, but on the other hand it put a heavy strain on the bank’s own securities investments. In the books, they appear with a big minus, because a conscious business policy decision was made to correct the values ​​downwards. The fiscal year burdened with 13.5 million euros. Not correcting the value would have been permissible, “but we decided against it,” says Kordes, also against the background of the upcoming merger. And the bank was able to afford it as a healthy company. Because such numbers are also part of the financial year: EUR 10.2 million in income from brokerage and commission business represents the best result in the history of the Volksbank. And the bottom line is that the balance sheet shows a profit that is EUR 60,000 higher than in the previous year.

2023-06-09 16:08:30
#difficult #year #Volksbank

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